U.S. unemployment drops below 4%, the first time since December 2000

The U.S. unemployment rate fell to to 3.9% in April, the first time it's fallen below 4% since December 2000. Economists expected a 4% drop.

The U.S. also added 164,000 jobs last month, up from 103,000 in March, but lower than the 192,000 consensus forecasted by economists.

Our thought bubble, per Axios' Dan Primack: Markets care more about the top-line number ... it was a relatively weak report.

More analysis:

The backdrop: The U.S. added 324k jobs in February, 135k jobs in March, and now 164k in April. University of Michigan professor Justin Wolfers tweeted that on average, this yields a job growth rate of 200k per month. "That's a very healthy rate."